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A business issued a 30-day; 4% note for $60,000 to a creditor on account. Illustrate the effects on the accounts and financial statements of recording:
A business issued a 30-day; 4% note for $60,000 to a creditor on account. Illustrate the effects on the accounts and financial statements of recording: a. The issuance of the note and b. The payment of the note at maturity, including interest. Thank you.
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